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block

You decide you want to buy a boat and you want to borrow against the equity in your home. You would get a mortgage loan up to a specified amount which is in second position to your first mortgage. This arrangement is called a

Select the correct answer(s).  

(0/0)

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leverage against your house

line of credit for personal purposes

home equity line of credit

perfectly acceptable way to buy a boat

none

Which of the following best describes a “balloon payment”?

Select the correct answer(s).  

(0/0)

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Payments which go higher and higher each year

Payment delivered with a “bang”

First of many payments on a mortgage

The final lump sum payment due at the termination of a balloon mortgage

none

The right of a government to take private property for public use upon payment of its fair market value. It is the basis for condemnation proceedings.

Select the correct answer(s).  

(0/0)

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Governmental domain

Encroachment

Both

Eminent domain

none

When a borrower refinances his mortgage at a higher amount than the current loan balance with the intention of pulling out money for personal use, it is referred to as a

Select the correct answer(s).  

(0/0)

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adjustable lump sum refinance

refinance extra

home equity refinance

cash-out refinance

none

You and your sister are joint tenants in a home your mother left you. Your sister has three children in her will and you have one. If she dies first, who does the property go to?

Select the correct answer(s).  

(0/0)

Explanation

In the event of death in joint tenancy, the survivor owns the property in its entirety.

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It goes entirely to you

It goes into her estate

It is divided equally between her three children

It is divided equally between her three children and your one

none

A mortgage with a lien position subordinate to the first mortgage on a piece of property is called a

Select the correct answer(s).  

(0/0)

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second mortgage

first subordinate mortgage

lien position mortgage

mortgage which isn’t legal

none

The difference between the fair market value of a property and the amount still owed on the mortgage and other liens is the owner’s financial interest in the property and is called his

Select the correct answer(s).  

(0/0)

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balance due

none

equity

indebtedness

none

. What is a lock-in?

Select the correct answer(s).  

(0/0)

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A gated community which locks the gate at midnight

What parents do with wayward children

A type of key available at most hardware stores

An agreement from a lender guaranteeing a specific interest rate for a specific time at a certain cost

none

Common area assessments are

Select the correct answer(s).  

(0/0)

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used to maintain the property and common areas

sometimes called Homeowners Association Fees

paid by individual owners of condominiums or planned unit developments

all

none

What is the best description of a lien?

Select the correct answer(s).  

(0/0)

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Something that doesn’t stand up straight in a house

None

Something that’s illegal

A legal claim against property that must be paid off when it’s sold

none

A government loan that is not a VA loan would be a/an

Select the correct answer(s).  

(0/0)

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FDA mortgage

ARM mortgage

FHA mortgage

This type loan does not exist

none

You put in a new driveway to your property, but in the process the paving goes across your property line onto your neighbor’s property a few inches. This is called an

Select the correct answer(s).  

(0/0)

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extra benefit for your neighbor

illegal driveway

easement easement

encroachment

none

If you convey an interest in real property to a relative, that person is known as the

Select the correct answer(s).  

(0/0)

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grantee

lucky relative

mortgagor

receiver

none

. A certificate of deposit is

Select the correct answer(s).  

(0/0)

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a deposit held in a bank which pays double the amount of normal interest over time

the same as a down payment

a deposit held in a bank paying a certain amount of interest to the depositor over a certain time

a liquid asset

none

An individual qualified by education, training, and experience to estimate the value of real property and personal property and who usually works independently is called an

Select the correct answer(s).  

(0/0)

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underwriter

on-site inspector

appraiser

estimator of value